Advancing alongside US stocks, cryptocurrency prices today rose with Bitcoin bouncing back above the $20,000 mark. Posting its biggest two-day increase in about a month, the world’s largest and most popular cryptocurrency was trading nearly 4% higher at $20,244. Bitcoin’s performance has correlated with the S&P 500 all year. The global crypto market cap today was back above the $1 trillion mark, as it was up over 2% in the last 24 hours at $1.01 trillion, as per CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, gained more than 2% at $1,356. Meanwhile, dogecoin price today rallied 8% to $0.06 whereas Shiba Inu also rose about 5% to $0.000012.
“Bitcoin breached the $20,000 mark for the first time this month. The 24-hour Bitcoin trading volume jumped by a whopping 35% to cross $33 billion as investors around the globe are looking at younger assets to safeguard their wealth from falling fiat currencies. If we look at historical data, Bitcoin always performs better in October and continues the momentum till the end of the year, Bitcoin touched its lifetime high of $69,000 in November last year,” said Tarusha Mittal, COO, and CoFounder, UniFarm.
Other crypto prices’ today performance also improved as Avalanche, Binance USD, Polkadot, Cardano, Chainlink, Tether, ApeCoin, Solana, Litecoin, XRP, Stellar, Terra, Tron, Polygon, Stellar prices were trading with gains over the last 24 hours.
Global markets have sunk in the past few months as central banks around the world raise interest rates to curb soaring inflation. Risk assets like cryptocurrencies have been especially hard hit as recessionary fears rise.
Bankrupt cryptocurrency lender Celsius Network Ltd. has set dates for the auction of its assets with final bid deadline of October 17, with an auction if necessary on October 20. Celsius has been one of the most high-profile casualties of this year’s crypto-market meltdown that claimed the likes of the TerraUSD stablecoin, hedge fund Three Arrows Capital and lender Voyager Digital Ltd.
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